NAB to offer lowest home loan SVR of the majors for 2012

National Australia Bank today confirmed that it would offer the lowest standard variable home loan rate of the major banks for the rest of 2012.

Group Executive Personal Banking, Lisa Gray, said the new commitment for 2012 would build on the more than 32 months NAB has offered the lowest standard variable home loan rate of the major banks.

“For 2012, NAB is committed to having the lowest standard variable home loan rate of the major banks,” Ms Gray said. “This commitment is available to all existing and new home loan customers on NAB's standard variable rate products.

“We acknowledge a tougher world economy is presenting uncertainty for many customers. We also know that in facing economic challenges, Australian families want greater certainty. NAB will provide that certainty for customers by announcing our ongoing commitment to having the lowest SVR.”

Ms Gray said the commitment continued NAB’s focus on providing greater transparency around home loan pricing and built on NAB’s track record of leading the sector in delivering fairer banking for Australians.

“We have led the industry in making changes that save our customers money. As well as having the lowest standard variable home loan rate of the major banks for more than 32 months, we have abolished overdrawn account fees and monthly account keeping fees on our most popular everyday banking accounts.

“We have made our credit cards fairer, and changed the way the payment hierarchy works to save customers money. And 14 months ago we abolished mortgage early exit fees for all customers.

“These are all changes that benefit our existing customers, as well as our new customers. We don't believe that you should have to threaten to leave in order to get a better deal from your bank.

“Australians have responded to changes we have made. Over the last 12 months more than 650,000 new customers have joined NAB.”